As individuals age, their overall health and cognitive function can decline to a point where they struggle to live independently. They may become dependent on professional caregivers or members of their family for day-to-day tasks. A guardianship involves someone...
Long-Term Care Planning
How to get guardianship of an elderly parent in New York
As your loved ones age, ensuring their well-being and protecting their interests becomes crucial. In certain situations, obtaining guardianship of an elderly parent becomes necessary if they can no longer make important decisions on their own behalf. Guardianship is a...
Could a trust help with Medicaid planning?
There is no doubt that nursing home care is expensive. Going into a nursing home costs thousands of dollars a month and tens of thousands annually, at a minimum. It makes sense that you’d want to qualify for Medicaid, because doing so could help prevent you from...
What is the Medicaid look-back period, and will it affect you?
If you are looking into setting up long-term care plans, then you need to consider how you’ll access Medicaid. One of the issues that some people run into is having too many assets to qualify for this support, which can mean that they have to spend much of their...
What impact does a Medicaid penalty have for those needing care?
Paying for nursing home care in New York is not cheap. It will cost thousands of dollars a month even for a shared room. While you may have set aside money for years for your retirement, those funds could fall far short of what you need for financial security if you...
Will New York Medicaid recovery claim your home from your estate?
Many older adults find that they need Medicaid to cover their care costs as they age. If someone requires a multiple-month stay in a rehabilitation facility or needs to move into a nursing home, they may find that their Medicare coverage isn't enough. Qualifying for...
Can you afford to live in a nursing home?
You could spend decades saving for retirement and still fall short of your financial needs when you eventually stop working. No one knows how long they will live nor how the economy will change after they retire. The best anyone can do is estimate what they think...
How does the Medicaid lookback period work in New York?
Medicaid is a government insurance program that helps those unable to afford necessary medical care. Strict limitations on who can qualify for Medicaid help limit the overall costs for this important medical safety net. Limiting who can qualify for benefits and also...
Even those with good retirement savings may need Medicaid
Estate planning needs often overlap with retirement planning needs. Many people only think about what will happen with their property when they die during estate planning, and they don't stop to think about their golden years as carefully. Reviewing your retirement...
Did you know you have to repay the Medicaid benefits you receive?
Many people in New York won't qualify for Medicaid right away when they need medical care. Even after their income drops or ends abruptly, they may still have personal property that exceeds the limit for Medicaid applicants. Thankfully, certain assets, like the home...